Establish Marketing Objectives

Definition: 

Setting targets for marketing activity to be achieved through strategies. The objectives MUST be based upon a firm’s situational analysis and information from market research. The main objectives are to increase sales revenue and maximising profitability.

These are closely related to overall business goal of profitability; but specifically how the goal of business profitability to be achieved. Possible marketing objectives could include:

Increase Market Share:

Capture a higher portion of sales revenue in product category; win sales from competitors by enhanced offering. Long term, this enhances profitability. Could be won through offering expanded product range (see below), reducing prices against competitors, expanding distribution, or undertaking promotional campaign.

Expand Product Mix:

To secure higher revenues by expanding the offerings available to customers. Additional product offerings provide more opportunities for the business to gain profit by satisfying more consumer needs. Changing trends and consumer behaviour needs to be monitored.

Maximise Customer Service: 

A core marketing and operational objective for service-based firms; by providing improved offerings and a high level of service (responsive, attentive, friendly), a business will improve customer satisfaction. This will build brand reputation, secure repeat sales and convert potential customers into actual customers. Deeply integrated with Human Resources.

These objectives then form the basis for the Key Performance Indicators (KPI) similar to the Operations Strategy of Performance Objectives. The marketing team uses these goals to measure performance of the marketing plan in the Monitoring and Controlling phase of the marketing process.